A consortium of oil drillers developing a key pipeline in Argentina is tapping five major banks to finance a US$1.7-billion loan for the project. Led by Argentina’s state-run driller YPF SA, the group is in talks with Citigroup Inc, Deutsche Bank AG, Itau Unibanco Holding SA, JP Morgan Chase & Co and Banco Santander SA to finance part of the pipeline’s development.The money would fund Vaca Muerta Sur which will feature a pipeline running from Argentina’s shale heartland across northern Patagonia to the Atlantic coast at Punta Colorada, where a port will be built to load tankers. The total cost is roughly US$3 billion and the drillers will put down cash to help fund the rest.
SOURCE: BUENOS AIRES TIMES